Consumers, Competitors and Opportunities

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Introduction

One should be aware that a segment analysis is a critical step in understanding customers and competitors as well as identifying opportunities. The selected target group are Australian empty nesters, who are middle to old-age individuals whose children grew up and left their homes. It is important to note that the given demographics possess some unique traits and patterns, which need to be included in product promotion. The business interested in the analysis is kitchenware product manufacturer, Breville, which develops electronic tools, such as coffee machines, bread makers, blenders, or ovens.

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Customer Analysis

Australian empty nesters are a highly specific set of people, who are generally in the senior category. From the perspective of empathetic understanding, the given market segment is more prone to loneliness and empty nest syndrome, as can be seen in Table 1. According to the concept of the Family Life Cycle, there are two types of empty nesters, where one is still working, and the other is already retired (Backer & Lynch, 2016). In other words, Australian empty nesters possess some sort of divergence within the class. Therefore, many of them look forward to a meaningful and happy retirement, where they will face no health issues and financial complications. They are primarily concerned about their health, which is why older people, empty nesters, and wealthy families are the ones who buy more expensive organic foods (Sultan, Wong, & Sigala, 2018). Thus, the most important aspects of their life are family and health.

There are certain behavioral and pattern differences between working and retired nesters. However, they both stick to their long-established lifestyles and act conservatively. Many of them are older adults or approaching seniority, which means some of their daily activities include health preservation or treatment-related activities. They might lack the energy and strength to indulge in meticulous actions, such as cooking, which is why they might prefer to use automated tools. This is the need where Breville’s products can become highly useful for people who do not want to spend their hard-earned retirement time on trivial and monotonous activities, such as cooking (“Products,” 2020). In addition, they cannot adhere to eating out because they are trying to take care of their health, which means homemade organic foods are the most plausible option. The desire to spend more time on something meaningful is the primary influencer of Australian empty nesters’ decisions.

One of the main problems the given demographics face when buying electronic kitchenware is the lack of knowledge and expertise in modern technology. They might be able to distinguish which product qualities and features are useful. In addition, they might find the control panel or interface too complicated if the product possesses a multitude of valuable functions. Therefore, it is important to design the tools to be as simple as possible for use. From the standpoint of customer analysis, which considers development as differentiation, it can be assumed that the segment of Australian empty nesters is the most heterogeneous in composition among other groups. It can also be noted that the processes of achieving this status are individual. This limits the possibility of linking the characteristics of consumer behavior and age. Thus, one can conclude that age is not a determining sign of the transformation of purchasing behavior. In other words, when segmenting Australian empty nesters of consumers, socio-demographic criteria are less informative, which determines the relevance of using psychographic characteristics.

Nevertheless, despite the differentiated composition of the customer data segment, some common factors can be identified that affect the transformation of their behavior. Among the most significant events in the life of an older person, concerning the lifestyle, and, consequently, the purchasing behavior, can be called retirement and the absence of children. Upon retirement or the actual termination of employment, regardless of age, a person is faced with significant changes. They can be influenced, including on his or their behavior as a consumer.

Competitive Analysis

One should understand that although there is a wide range of competitors of Breville, from the Australian empty nesters’ perspective, they are only a few. The main reason is that many companies focus on online selling and promotion, which might not be the most effective approach for older adults. Therefore, one of the primary competitors for the given group’s perspective would be Harvey Norman because it is a commonly known electronics seller. Although it does not specialize in electric kitchenware, it covers several product categories. Therefore, empty nesters might consider it as a place where they can satisfy their needs. Thus, the scope of competition that fulfills the core needs for automating routine processes includes any major electronics seller, which is Harvey Norman.

Moreover, it is important to point out that there are also other more available companies that also sell such products. The full set of rivals includes Harvey Norman, Kitchen Warehouse, Everten, and Target. They all satisfy the major needs of empty nesters, where they offer simple and functional electronic products, which can be used to quicken and ease the cooking process. In addition, they are available through conventional ways, such as a physical store, and many of them are top Google results. This means that empty nesters will find them more available online. Harvey Norman and Target are well-established sellers of everything, whereas Kitchen Warehouse and Everten are easily accessible on the internet. Therefore, the presence of simple and functional products with a high degree of availability are the criteria that are important to consumers.

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Opportunity Identification

Several key opportunities need to be met to attract Australian empty nesters. The need is to automate the cooking and other routine, monotonous, and time-consuming processes, such as cooking, with simple and functional instruments from available sellers. Therefore, Breville needs to promote itself online and advance its most simple-to-use and highly effective products. It might consider selecting a specific set of products, such as ovens and cookers, that would interest Australian empty nesters. For instance, coffee machines might not be suitable for older adults. In addition, Breville should focus on setting up physical shops and market itself as a well-known electronic appliance seller.

Conclusion

In conclusion, it is evident that Australian empty nesters are a group comprised of both working and retired people, but they all experience some form of loneliness due to their children leaving home. They are generally close to older age, which means that they have a need to take of their health but lack the energy to indulge in meticulous and time-consuming tasks. Therefore, simple and functional electronic kitchenware can be the most suitable product for the category. Despite numerous competitions, they are not available for Australian empty nesters who are not experienced in navigating through the internet. Therefore, it is important to have a physical store and be accessible online on general searches.

References

Backer, E., & Lynch, D. (2016). Understanding the proclivity of visiting friends and relatives (VFR) travel across family life cycle stages in Australia. International Journal of Tourism Research, 19(4), 447-454.

Products. (2020). Web.

Sultan, P., Wong, H. Y., & Sigala, M. (2018). Segmenting the Australian organic food consumer market. Asia Pacific Journal of Marketing and Logistics, 30(1), 163-181. Web.

Appendix

Table 1. Empathy Map

Says:
I do not have time for this.
I am tired.
I need to eat healthily.
Thinks:
I do not want to waste my retirement time on routine tasks.
I want to spend more time with my family.
Does:
Cooks organic foods to maintain health.
Takes medications.
Feels:
Tired
Annoyed
Bored

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BusinessEssay. (2022) 'Consumers, Competitors and Opportunities'. 12 January.

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BusinessEssay. 2022. "Consumers, Competitors and Opportunities." January 12, 2022. https://business-essay.com/consumers-competitors-and-opportunities/.

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BusinessEssay. "Consumers, Competitors and Opportunities." January 12, 2022. https://business-essay.com/consumers-competitors-and-opportunities/.